Thank you @Opus 17 and @pk. I've been filing FBAR yearly for a while because I own foreign accounts.
I understand that I'd have to include and report value of the real estate properties also. My main question still is: when should I file the form 3520, in 2022 for year 2021 or in 2023 for year 2022? I don't want to make mistakes here and I would prefer to do it in 2021, but I think it would make more sense to file the form for a year when I actually received (became the owner) the real estate and cash, which was in January 2022. The relative died in December 2021, but legally I still couldn't do anything with the property.
In my old country there is a similar informative form which I have to file to avoid inheritance taxation. I have six months to file it from the day of receiving the property. There are two dates on that form, the first is "date of death" (in my case December 2021which is called "date of receiving") and second date which is January 2022, that date it's called "date when requirement to file the form starts" and I have six months to file the form from that day.
